TMI BlogCabinet approves Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accountsX X X X Extracts X X X X X X X X Extracts X X X X ..... Cabinet approves Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts - News and Press Release Dated:- 19-1-2022 - News - The Union Cabinet chaired by Hon ble Prime Minister Shri Narendra Modi has approved the payment of ex-gratia amount of ₹ 973.74 crore pertaining to remaining claims sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted by Lending Institutions (LIs) under Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Benefits: By granting ex-gratia payment of difference between compound interest and simple interest during the six month moratorium period to distressed/vulnerable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... category of borrowers, irrespective of whether the borrower had availed of moratorium or not, the scheme would equitably help small borrowers bear the stress on account of the pandemic and get back on their feet. Operational guidelines for the scheme are already issued with the approval of the Cabinet. The said amount of ₹ 973.74 crore will be disbursed in accordance with the said o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perational guidelines. S No Date of Clam Submission by SBI No. of lending Institutions No. of Beneficiaries Amount of Claim Received Amount Disbursed Pending Disbursement 1 23.3.2021 1,019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1406,63,979 4,626.93 4,626.93 - 2 23.7.2021 22.9.2021 492 499,02,138 1,316.49 873.07 443.42 3 30.11.2021 379 400,00,000 21 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.32 0 216.32 4 Resubmitted by SBI 101 83,63,963 314.00 - 314.00 Total 1,612 2389,30,080 6,473.74 5,500.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 973.74 Background: In the context of the COVID-19 pandemic, Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) was approved by the Cabinet in October, 2020, envisaging therein an outlay of ₹ 5,500 crore. Following category ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of borrowers were eligible for ex-gratia payment under the scheme: MSME loans up to ₹ 2 crore Education loans up to ₹ 2 crore Housing loans up to ₹ 2 crore Consumer durable loans up to ₹ 2 crore Credit card dues up to ₹ 2 crore Auto loans up to ₹ 2 crore Personal loans to professionals up to ₹ 2 crore Consumption loans up to &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 2 crore Budget allocation of ₹ 5,500 crore was made for the scheme in FY 2020-2021. Whole amount of ₹ 5,500 crore, as approved by the Cabinet, has been disbursed to SBI, the nodal agency under the scheme, for consequent reimbursement to lending institutions. The estimated amount of ₹ 5,500 crore was arrived at by extrapolating the share of SBI and Scheduled ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commercial Banks for the aforementioned category of loans. It was also apprised to the Cabinet that the actual amount would be known once individual lending institutions submit their pre-audited account-wise claims. Now, SBI has informed that it has received consolidated claims of ₹ 6,473.74 crore approx. from lending institutions. As ₹ 5,500 crore has already been disbursed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to SBI, approval of the Cabinet is now being sought for balance amount of ₹ 973.74 crore. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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